On the Market for July 27

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Tom Ross

Tom Ross' column appears in Steamboat Today. Contact him at 970-871-4205 or tross@SteamboatToday.com.

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Steamboat building permits down by half

The number of building permits issued for single-family and duplex homes is down by half in Steamboat Springs during the first six months of 2008. However, permit activity reflects robust construction activity in the multi-family housing market.

Steamboat did not see a single permit issued for a single-family home in June, though nine were issued for other towns in Routt County, according to records released by the Routt County Regional Building Department.

Permits for 10 multi-family units and two commercial buildings were issued in Steamboat last month.

When the number of single-family and duplex permits for the first six months of the year are combined and contrasted to the last two years, it's clear that contractors are not starting construction on new homes here this summer.

Through June, nine permits for single-family homes with an aggregate valuation of $8.67 million were issued in Steamboat. The first halves of 2006 and 2007 each saw 21 single-family permits issued. In both '06 and '07, the total valuation was close to $12.8 million.

The number of duplex units permitted in the first half of 2006 was 44, which slipped to 28 in 2007. The number dropped all the way to 16 this year.

Ten purchasers joined the $1 million club

Homes of all kinds priced at $1 million or more accounted for 20 percent of the residential unit volume and 57 percent of the dollar volume in Routt County during June.

Bruce Carta, who tracks the market for Land Title Guarantee Co., tallied 10 residential closings valued at more than $1 million last month, two of which were greater than $3 million. Those 10 sales accounted for $26 million of the $44.9 million in residential sales in the county last month.

As they usually do, entry-level homes accounted for the largest shares of unit volume. There were 11 transactions valued between $200,000 and $300,000 last month. Another 10 were priced between $300,000 and $500,000.

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